MongoDB joins the tracked set today, three days before it reports the July quarter on 1 September. Its Rule of 40 score for the April quarter is 54.2 — comfortably passing. So was its score six years ago. The two numbers are made of almost entirely different things.
| 2020 Q1 | 2027 Q1 | |
|---|---|---|
| Revenue growth YoY | +78.3% | +25.2% |
| Free cash flow margin | +3.2% | +29.0% |
| R40 | 81.4 | 54.2 |
Growth fell 53 points. Free cash flow margin rose 26. In the April 2026 quarter, for only the second time in MongoDB's public history, the cash flow margin was larger than the growth rate — 29.0% against 25.2%. The first time was two quarters earlier.
The trough was 2025, and it was not a demand problem
| Quarter | Revenue | YoY | FCF | FCF margin | R40 |
|---|---|---|---|---|---|
| 2025 Q1 | $450.6M | +22.3% | +$63.1M | +14.0% | 36.3 |
| 2025 Q2 | $478.1M | +12.8% | -$2.4M | -0.5% | 12.3 |
| 2025 Q3 | $529.4M | +22.3% | +$35.5M | +6.7% | 29.0 |
| 2025 Q4 | $548.4M | +19.7% | +$24.6M | +4.5% | 24.2 |
| 2026 Q1 | $549.0M | +21.9% | +$108.3M | +19.7% | 41.6 |
| 2026 Q2 | $591.4M | +23.7% | +$71.6M | +12.1% | 35.8 |
| 2026 Q3 | $628.3M | +18.7% | +$141.8M | +22.6% | 41.3 |
| 2026 Q4 | $695.1M | +26.7% | +$178.5M | +25.7% | 52.4 |
| 2027 Q1 | $687.6M | +25.2% | +$199.3M | +29.0% | 54.2 |
The July 2024 quarter — MongoDB's fiscal 2025 Q2 — is the low point of the whole series at 12.3, and both halves went wrong at once: growth slowed to 12.8% and free cash flow turned slightly negative. Revenue growth has since recovered to the low-to-mid twenties and stayed there for six quarters. What actually changed is the second column. Quarterly free cash flow went from roughly break-even to $199.3 million, and it did so while gross margin barely moved — 68.5% then, 72.2% now.
Note MongoDB's fiscal year ends 31 January, so its "2027 Q1" is the three months to 30 April 2026. Quarter labels here follow the fiscal year, as they do for other January filers on this site.
Eight years of losses, then two profitable quarters
Thirty of MongoDB's thirty-three quarters in this series carry a GAAP loss per share. The exceptions are the last two: $0.18 in the January 2026 quarter and $0.05 in April. Trailing twelve-month earnings are still negative, at -$0.37, which is why the stock page shows no P/E — there is no meaningful one to show.
The balance sheet moved further. MongoDB repaid roughly $1.14 billion of convertible senior notes during fiscal 2025; the January 2025 balance sheet shows the line at zero against $1,143,273 thousand a year earlier. As of 30 April 2026 the company holds $3.69 billion of assets and no debt at all — total liabilities are payables, leases and deferred revenue.
What the last two prints argued about
The stock has been repriced twice on guidance rather than results. On 3 March 2026 MongoDB fell sharply on its fiscal-2027 outlook, and chief executive CJ Desai spent that afternoon making the same argument on three networks: that MongoDB is infrastructure software and should not be bucketed with the application-layer names AI is repricing. He has run the company since 10 November 2025, when Dev Ittycheria stepped down after eleven years; Ittycheria stays on the board as an advisor until November 2026.
The April print went the other way. Revenue of $687.6 million was up 25%, Atlas revenue grew more than 29%, and the company raised its full-year fiscal 2027 guidance, citing Atlas. Shares closed at $446.62 on 28 August.
On 1 September the July quarter lands after the close. On the evidence of the last six quarters, the number worth watching is not the growth rate, which has been remarkably steady, but whether the free cash flow margin holds near 29% — because that is now the half of the score doing the work.
